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  "documentTitle": "Airline Economic Analysis",
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  "authorName": "Oliver Wyman",
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  "notes": "The chart tracks four metrics: Network CASM ex-Fuel, Fuel CASM, Value CASM ex-Fuel, and Value Fuel CASM.",
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      "text": "Q2 2011 is the first time that the network carrier domestic fuel CASM has been slightly lower than the value carrier fuel CASM.",
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      "text": "EXHIBIT 5: CASM AND FUEL CASM GROWTH (Q1 2007-Q2 2011)",
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      "text": "Apart from showing the convergence of fuel costs between the two groups, Exhibit 5 also shows the narrowing of CASM excluding Fuel (ex-Fuel CASM) between network and value carriers over time.",
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      "text": "As shown in Exhibit 5, since late 2009, network carrier fuel costs have been tracking very close to value carrier levels. Q2 2011 is the first time that the network carrier domestic fuel CASM has been slightly lower than the value carrier fuel CASM.",
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      "kind": "paragraph",
      "text": "Historically, value carriers have had a fuel cost advantage because of their newer fleets, and at one time, Southwest Airlines’ advantageous hedge positions. However, network carriers have completely closed the gap.",
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      "kind": "source-note",
      "text": "Source: PlaneStats.com. Mainline operations only. Excludes transport-related cost (regionals).",
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      "text": "5. VALUE VERSUS NETWORK CARRIER DOMESTIC CASM COMPARISON, WITH AND WITHOUT FUEL",
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